In today’s briefing:
- GoTo IPO – Past Performance Hasn’t All Been Great
- GoTo Gojek Tokopedia IPO Initiation: Island Shopping
- Ferretti Group Pre-IPO: Peer Comp and Valuation
- Green Tea Group Pre-IPO – Growing for the Sake of Growth
GoTo IPO – Past Performance Hasn’t All Been Great
- GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors.
- GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
- In this note, we talk about the company’s past performance.
GoTo Gojek Tokopedia IPO Initiation: Island Shopping
- GoTo (1379371D IJ) is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding runs from 15 to 21 March.
- The fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. A credible path to profitability is yet to be established.
- In an environment where growth-at-all costs tech firms and peers have materially sold-off and are out of favour, GoTo is not for the faint-hearted.
Ferretti Group Pre-IPO: Peer Comp and Valuation
- Ferretti is a leading yacht builder based in Italy. The company is looking to raise up to USD 300m via a Hong Kong listing.
- In our previous note, we looked at the company’s key product segments, operating metrics, financials, and industry.
- In this note, we compare the company with its close peer and provide our thoughts on valuation.
Green Tea Group Pre-IPO – Growing for the Sake of Growth
- Green Tea Group (GT HK) is looking to raise about US$150m in its upcoming Hong Kong IPO.
- Green Tea Group is a restaurant chain operator for fusion cuisine in China.
- As of the latest practicable date (LPD), it had a restaurant network of 236 restaurants covering 18 provinces, four municipalities and three autonomous regions in the PRC.
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